All Standard Disclaimers & Seller Rights Apply.

April 6, 2017 • Volume 26, No. 05

CanadianaCquirerServing the marketplace with news, analysis and business opportunities

CENTRAL ALBERTA SALE PACKAGES10 Separate Packages.OPERATED & NonOperated Assets PPNet Production: 414 BOED (261 BOPD)Net Cash Flow: $338,660 per MonthAGENT WANTS OFFERS APRIL 27, 2017PP 13960PKG

SOUTHERN ALBERTA ASSET SALE116,406-Gross Acres.JOFFRE, DELBURNE & PPMAPLE GLEN AREAS30% NONOP WI AVAILABLE FOR SALEOct 2016 Net Production: 582 BOPD NONOP2016 Net Operating Income: $158,333/MnProved Reserves: 2,748 MBOEAGENT WANTS OFFER APRIL 13, 2017PP 13043

NORTH DAKOTA DEVELOPMENTMIDALE PLAY (HZ Application)NonOperated WI For Sale LOperated Acreage Also AvailableCONTACT PLS ENERGY ADVISORSL 9010PP

DEALS FOR SALE

Painted Pony's Montney buy ‘fits like a glove’

Painted Pony Petroleum’s Montney position in northeast British Columbia has widened through its $229.6 million acquisition of Unconventional Resources Canada—a subsidiary of ARC Financial Corp. and EnCap Investments portfolio company UGR Blair Creek. The deal increases Painted Pony’s Montney acreage by ~52% to 314 net sections (201,009 net acres) and expected 2017

annual average daily production by 12% to 290 MMcfe/d with exit production of ~447 MMcfe/d. UGR’s current production is over 51 MMcfe/d.

UGR’s assets “fit like a glove” with Painted Pony’s existing asset base, the company said. Several of the natural gas producer’s most prolific Montney wells were drilled on the Daiber area lands that are contiguous with UGR acreage or held jointly with UGR.

Pengrowth sheds Montney assets in 2 deals for $272MM Pengrowth Energy divested more Montney assets last month in two separate

deals worth a total of $272 million. In the first divestiture, announced March 20, Pengrowth said it will sell some of its Swan Hills assets in north-central Alberta to a private company for $180 million.

In the second deal, announced three days later, Pengrowth will sell its non-producing Montney lands at Bernadet in northeast British Columbia for $92 million.

Both moves support the company’s focus on its remaining core assets, principally the Lindbergh SAGD thermal project in east-central Alberta. The sales come after CEO Derek Evans said in February that all of the company’s assets are available for sale as it continues to pursue its divestment strategy. The Swan Hills assets generated 4,920 boe/d (82% liquids) in 4Q16 and had 2P reserves of 31 MMboe as of Dec. 31.

Trican buys Canyon Services Group for $676 millionTrican Well Service Ltd. will acquire Canyon Services Group, creating

a combined company with 675,000 hhp of fracking capacity and a market capitalization of $1.4 billion. The deal combines each company’s cementing, coiled tubing, nitrogen, industrial and fluid management services provided to operators in

Western Canada. Trican will acquire all Canyon shares on a 1.70 common

shares basis for a total price of $676 million, including the assumption of $40 million in debt. Trican and Canyon shareholders will respectively own 56% and 44% of the combined company after the expected close of the deal in 2H17. Trican CEO Dale Dusterhoft said, “This combination with Canyon will create a Western Canadian-based leading energy services firm that has the asset base, efficient cost structure and financial capacity to create value for all of our combined stakeholders.”

Canyon’s core business is providing fracking services, which comprise more than 80% of its operations. This fits well with Trican, which generated 58% of its 2016 revenue from the same segment.

Cenovus scores Conoco oil sands, Deep Basin assets for $18BCenovus Energy will double its size through the acquisition of ConocoPhillips’

non-operated 50% WI in the Foster Creek Christina Lake (FCCL) partnership and Deep Basin conventional assets in Alberta and British Columbia, with combined forecast 2017 production of ~298,000 boe/d. The $17.7 billion deal, expected to close in Q2,

consists of $14.1 billion in cash and 208 million Cenovus shares. Conoco maintains its Canadian presence through its operated 50%

WI in the Surmont oil sands JV and its operated 100% WI Blueberry-Montney unconventional acreage position.

The move marks the 14th multinational exit or major scale back from the oil sands since 2014 and the largest global upstream deal since Shell announced its US$82.7 billion acquisition of BG in 2015. It also further concentrates Canadian oil sands ownership after Canadian Natural Resources Ltd. gained Shell and Marathon Oil assets earlier this year. With ~440,000 bbl/d of capacity post-deal, Cenovus will be the third-largest oil sands producer by 2020, behind Suncor Energy and CNRL.

Divested assets had a net book value of ~US$10.9 billion at YE16.

Pengrowth sold 4.0% royalty in Lindbergh to PrairieSky in January.

Painted Pony 220.2 MMcfe/d Q4 production up 144% from 4Q15.

Continues On Pg 4

Continues On Pg 6

Continues On Pg 9

Continues On Pg 13

40% of Trican’s fracking capacity was parked at the beginning of March.

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■ Perisson Petroleum served notice of termination to Forent Energy Ltd. regarding the March 4, 2016, agreement that would have seen Perisson acquire the company for $11.6 million in an all-stock deal. Perisson also served Forent with notice of collapse of the April 27 trust agreement under which Forent had been acting as operator of Perisson's oil and gas properties in the Twining area of Alberta. Perisson has accordingly demanded that the registered interest in the properties be transferred to Perisson as beneficial owner.

■ Saturn Oil + Gas closed the acquisition of 640 acres of Viking oil land in the greater Kindersley area of west-central Saskatchewan from a private company. Saturn described the assets as highly prospective for increased Viking light oil production through horizontal drilling. The company has already identified at least two half-mile horizontal drilling locations and two full-mile horizontal drill locations on the property.

CanadianAcquirer is published every three weeks by PLS Inc.PLS CanadianAcquirer covers the active Canadian asset marketplace with analysis of mergers, divestitures, transactions, analyst comments, deals in play and deal metrics.In addition, the CanadianAcquirer carries broker offerings and property listings that are coded alpha-numerically. Clients interested in listing details can contact PLS with provided listing code(s).To obtain additional PLS product details, drill www.plsx.com/publications.

PLS Inc. 3300, 205-5th Avenue SW Calgary AB T2P 2V7403-294-1906 (Canada) 713-650-1212 (US)

To obtain additional listing info, contact us at 403-294-1906 or listingmgr@plsx.com with the listing code. Only clients are able to receive additional information. To become a client call 403-294-1906.

© Copyright 2017 by PLS, Inc.Any means of unauthorized reproduction is prohibited by federal law and imposes fines up to $100,000 for violations.

ABOUT PLS

Blackbird secures more Montney rights from Knowledge Blackbird Energy has made its third acquisition in two months in the Montney

near its Elmworth/Pipeline core assets. In the latest deal, the company acquired two sections of Montney rights from Knowledge Energy for ~1.9 Blackbird shares. These lands are contiguous with Blackbird’s existing assets and increase its Montney rights

at Elmworth/Pipestone to 116 gross sections (100.9 net).That deal followed two acquisitions from Paramount Resources

earlier this year. The first saw Blackbird gain 5.8 net (12 gross) of Montney rights for $2.9 million. In the second deal, it acquired 3.1 net sections (13 gross) for $3.4 million, adding 25-74 net (104-132 gross) drilling locations south of the Wapiti River.

The new assets will support Blackbird's processing and takeaway commitments once an eastern pipeline gathering system is constructed.

A&D

April 15, 2016

Canadian SCout

All Standard Disclaimers & Seller Rights Apply.

Painted Pony Petroleum keeps up drilling pacePainted Pony Petroleum is one of the

few companies with a stepped-up drilling program this year, with the 13 wells (100% WI) drilled YTD more than twice the six

wells it drilled in 1Q15. Nine wells have been completed this year compared with five at this

point last year. It plans 14 completions in H1 and 30 completions for the year.

Painted Pony’s volumes in Q1 averaged 96 MMcfe/d, up 3% sequentially

and down 2% YOY. The company also has 3 MMcfe/d of production shut in on low commodity prices. Painted Pony expects Q2 volumes to average 93-99 MMcfe/d.

Painted Pony is trimming its capital program to $179 million, down 9% from the $197 million budget it released in January.

Tamarack Valley hits production records in 4Q15Tamarack Valley Energy hit record

production of 9,968 boe/d (61% oil and NGLs) in 4Q15, up 14% sequentially

and 30% YOY thanks to a successful drilling

program in the second half of the year. Volumes for the year averaged 8,448 boe/d, up 48% from 2014 volumes. The company also surpassed its exit rate target of 9,500-9,700 boe/d on capital spending of $107.4 million, down 15% lower at midpoint than guidance of $125-130 million. It saw increased capital efficiencies thanks to permanent

drilling and completion design changes, lower services costs and better well performance in the Wilson Creek and Alder Flats areas of Alberta.

During the first part of 2015, Tamarack Valley halted drilling and instead focused on D&C well redesigns, which resulted in permanent cost reductions that enabled the company to sustain its operations despite lower oil prices.

Serving the Canadian upstream industry with information, analysis & prospects for sale Volume 25, No. 05

WESTERN ALBERTA ASSETS~65-Net Wells. 33,236-Net Acres.SPIRIT RIVER GROUPTargets: Cardium, Dunvegan, Falher, -- PP-- Codotte, Wilrich, Notikewin, Bluesky, ---- Gething & Cadomin3D & 2D Seismic Data Available. ~8,0002015 Avg Production: ~7,900 BOED BOED2015 Avg Royalty Production: ~100 BOED2P 2015 Reserves: 28 MMBOEAGENT WANTS OFFERS APRIL 2016PP 13493DV

ALBERTA & SASKATCHEWAN ASSETS19-SWD Wells.LLOYDMINSTER, EDAM & MANITOULAKE AREAS PP~150 Prospective Drilling Locations.OPERATED & NonOperated WI 2802013 Proved/Probable Rsrvs: 9.4 MMBOE BOEDPV10: $153,000,000Well Costs: $625,000PP 13271DV

DEALS FOR SALEPainted Pony Charges Toward Growth Despite Low Prices

761 1,553 2,849 4,2206,589

8,693

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• 156% Compound Annual Growth in produc�on, 2007 – 2015• 32% Compound Annual Growth in produc�on per share, 2007 - 2015

Q4 201640,000 Boe/dForecast Exit

230

Annual Average Daily Produc�on per 1 Million Weighted-Average SharesOil & NGLsNatural GasQ4 2016 Exit Produc�on

Source: Painted Pony April 6 Presentation via PLS docFinder www.plsx.com/finder

Regional ActivityApril 2016 Top 10 Alberta Operators by License CountDevon NEC Corp 51CNRL 18Cenovus FCCL Ltd 5Jupiter Resources Inc 2Vesta Energy Ltd 1Camfield Groundwater Services Ltd 1

Total 78

Permits by FormationLicenses by Zone Apr Mar FebMcMurray Fm 56 8 38Dina Mbr 16 11 2Spirit River Fm 2 2 7Quaternary System 2 - 4Duvernay Fm 1 34 7Milk River Fm 1 1 1Grand Rapids Fm - 11 2Wilrich Mbr - 10 9Montney Fm - 8 12Other - 40 55

Total 78 125 137Source: PLS Research

The 13 wells drilled YTD more than twice the six wells drilled in 1Q15.

Increased efficiencies on permanent drilling and completion-design changes.

Continues On Pg 4

Continues On Pg 6

Devon causes spike in permitting activity, gaining 51 permits at the beginning of April.Blackbird ramps Elmworth/Pipe-

stone assets past 1,500 boe/d.

Canadian Scout Mar. 13

Leucrotta expands Montney core in $36 million dealLeucrotta Exploration will acquire 18.5 net sections of Montney land in its

Doe/Mica Core area in Northeast British Columbia for $36 million. The assets are directly adjacent to its Lower Montney Turbidite Resource play within its higher

confidence mapping area, which encompasses 116 gross (105 net) sections of the play. Leucrotta gets 18 sections of 100% WI Crown

lands and assumes 100% WI in a section where it already held 50% WI. Leucrotta’s gross acreage land base within its higher confidence mapping area will increase by 18% as a result of the acquisition, which will be funded with proceeds of a $50 million bought deal equity financing.

Leucrotta has already drilled wells directly adjacent to some of the acreage and believes the company could book additional reserves on a portion of the lands.

The acquired lands are offsetting or in immediate vicinity of several significant Lower and Upper Montney wells, including Leucrotta's recently announced 8-22 Lower Montney Turbidite light oil well and its original Doe development block. The acquisition will increase Leucrotta's total Lower Montney oil drilling locations by 20% to 768 and Lower Montney liquids-rich gas locations to by 10% to 110. The company had accumulated 144 net sections of Montney land as of YE16.

10 Most Recent Canadian Upstream Deals Date Buyer Sellera

Value(US$MM) Type Location

03/29/17 Cenovus Energy ConocoPhillips $13,300 Property Oilsands03/23/17 Undisclosed Pengrowth Energy $68.92 Acreage Conventional03/21/17 Journey Energy Undisclosed $26.63 Property Conventional03/21/17 Saturn Oil + Gas Undisclosed - Acreage Viking03/20/17 Undisclosed Pengrowth Energy $134.63 Property Conventional03/16/17 Blackbird Energy Knowledge Energy $0.75 Acreage Montney

03/15/17 Painted Pony Petroleum

Unconventional Resources Canada $205.20 Property Montney

03/09/17 Canadian Natural Resources Shell $8,500 Property Oilsands

03/09/17 Canadian Natural Resources; Shell Marathon Oil $2,500 Property Oilsands

03/09/17 Undisclosed Enerplus Corp. $49.93 Property ConventionalSource: PLS Global M&A Database www.plsx.ca/ma

Leucrotta's YE16 2P reserves were 22.7 MMboe, up 32% from YE15.

Access PLS’ archive for previous A&D newsFor general inquiries, email info@plsx.com

Volume 26, No. 05 3 a&dJourney adds to central Alberta core in $36 million buy

Journey Energy will expand its core asset base in the Gilby area of central Alberta through a $35.6 million deal with a private company. The assets hold an average 2017 production of 2,000 boe/d (28% oil and NGLs), as well as an operated 75% WI in liquids-rich gas production. Journey said the low-decline production base will provide a stable

estimated funds flow stream of $8.0-9.0 million this year. Journey will pay the $35.6 million purchase price with $29.6 million of cash and $6.0 million in equity via 2.1 million of it shares. The company said the deal is consistent

with its expansion strategy within its central Alberta core area by increasing its network of strategic upstream and midstream infrastructure and further expanding its portfolio of low-risk, multi-zone, liquids-focused horizontal drilling opportunities.

Journey has identified a number of low-risk, low-cost near-term development opportunities on the acquired assets, including the installation of compression and a pipeline tie in that will allow Journey to maintain production on the assets over the remainder of the year for ~30% of forecasted funds flow. In addition, Journey expects operating cost synergies of more than $300,000 per

year due to the integration of the acquired assets with its existing properties.

The acquisition includes 161,700 gross (83,700 net) acres of land focused primarily in the Gilby area, and have established multi-zone production and potential focused primarily on the liquids-rich Glauconite in the Hoadley Barrier complex. The portfolio of projects includes 19 gross (14.4 net) horizontal locations in the Glauconite. Other established targets in the immediate region are Cardium oil, Belly River oil and an emerging play in the liquid rich window of the Duvernay shale zone. The deal also includes a seismic data set consisting of more than 200 sq km of 3D seismic and over 400 sq km of 2D seismic.

Journey also acquires a high working interest in two strategic gas plants and associated gathering systems and sales lines. The key infrastructure at Gilby includes 43.3% non-operated WI in the Tidewater gas plant having 75 MMcf/d of gas-processing capability (20% current utilization), superior liquids recovery, and a network of more than 250 km of pipelines. This infrastructure generates annual revenue of ~$1.0 million from third-party processing fees. Journey said it will continue growing its own and third-party volumes in the Crystal/Gilby area to utilize its infrastructure and lower its operating costs.

Journey also acquires natural gas hedges from the seller representing ~50% of the acquired gas production in 2017 and 40% in 2018. Journey is not currently anticipating any additional general and administrative expenses associated with the acquisition.

A&D M&A in context: 2 deals don’t make a trend

Eleven new upstream deals were announced in the Canadian oil patch in March, up from 10 in February and five in January. YTD disclosed deal values

total ~US$25 billion, comprised primarily of Cenovus’ US$13.3 billion

acquisition of Conoco’s 50% WI in the Foster Creek Christina Lake JV and Deep Basin assets (PG. 1), and Shell and Marathon Oil’s US$11 billion oil sands sales to Canadian Natural Resources’ Ltd. Take away these two deals, and we are left with slightly over US$1.0 billion in deals YTD, contrasted to US$4.1 billion in deals in 4Q16 and US$5.6 billion in 34 upstream deals during the first three months of 2016, according to the PLS Global M&A Database.

Therefore context is key, as the Cenovus and CNRL deals are so far the exceptions rather than the rule amid an otherwise modest uptick in M&A activity. However, the exodus or significant scaling back of foreign companies from the oil sands is a trend that has gained traction since the oil price downturn began in 2014. The flip side of the negative press surrounding these departures is that Canadian companies are expanding their positions in a region where their expertise and long-term strategies support oil sands development for the good of their own portfolios and for Canadian oil and gas as a whole.

Among the month’s other highlights was the resolution of the protracted takeover drama between Total Energy Services and Savanna Energy Services, with the former taking a victory lap around defeated Western Energy Services (PG. 7). And in a calmer deal in the OFS space, Trican Well Service Ltd. acquired Canyon Services Group for $676 million, creating a combined company with 675,000 hhp of fracking capacity and a $1.4 billion market cap (PG. 1).

IN THIS ISSUE

Canada O&G sees fewer deals YOY but deal total value bigger.

Journey’s acquired assets have 16% annual decline rate of 16%.

Revised production guidance post-deal is 10,100-10,500 boe/d.

Acquired assets hold 2P reserves of 13 MMboe-23% light oil and NGLs.

Transactions Metrics and ComparablesProviding critical valuation information on oil & gas deals.Call 713-600-0115 or email info@plsx.com. www.plsx.com/ma

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Clearview expands Alberta core in $20 million deal

Calgary-based and Alberta-focused Clearview Resources Ltd. has gained more assets in its core Pembina area of Alberta in a $20.1 million deal. The company acquired 1,120 boe/d (33% oil), 2.6 MMboe 2P reserves and an undeveloped land base encompassing 51 gross sections (35 net) in an active area for Glauconite, Rock Creek and Ellerslie potential. Post-acquisition, the company’s production is about 2,000 boe/d, consisting of 39% oil and liquids and 61% gas.

This deal follows the close in February of Clearview’s $11.4 million acquisition in the Wilson Creek area of Alberta, in which it gained ~350 boe/d of operated production, 1.07 MMboe 2P reserves and a large undeveloped, concentrated land base totaling 28,160 acres.

Clearview has aggressively pursued the expansion of its core Alberta area in recent years. The Pembina and Wilson Creek buys follow the 2011 purchase of two oil-producing assets at Carmangay and Bantry and the 2012 acquisition of four oil-producing units at Lindale, Spirit River, Warburg and Boundary Lake, as well as four gas-producing units at Carstairs, Caroline and Crossfield.

To finance the Pembina and Wilson Creek deals, Clearview engaged in a $16 million non-brokered private placement, completing the second tranche through the issuance of 3,187,922 common shares at $5.00 per share, making the total amount raised in both tranches $21,139,865. Clearview has 8,437,866 common shares issued and outstanding following the offering. Concurrent with the closing of the acquisition, Clearviewʼs loan facility increased to $26.0 million, with $14 million is currently drawn.

Closings

The deal includes 265,000 boe/d net after royalty production for 2016 and 3.7 Bboe net 2P reserves (70% proved). Cenovus also gets 3.3 million net acres, comprised of 3.0 million acres in the Deep Basin and 300,000 acres in oil sands project area.

Cenovus now Canada’s largest thermal producer— The acquisition launches Cenovus as Canada’s largest thermal oil sands producer

eight years after spinout of Encana’s oil sands assets through the gain of 100% WI in FCCL, with existing production capacity of 390,000 bbl/d at Foster Creek and Christina

Lake and expected 2017 production averaging a respective 198,000 bbl/d and 158,000 bbl/d. Christina Lake phases A-F have current production capacity of 210,000 bbl/d with regulatory approval to reach 310,000 bbl/d, while Foster Creek phases A-G have current production capacity of 180,000 bbl/d with approval to reach 295,000 bbl/d. At Narrows Lake, Phase A is planned as a commercial SAGD project with implementation of a solvent-aided process that is expected to reduce the amount of steam required to recover a barrel of oil by ~30%, while increasing recovery factors by up to 15%. Narrows Lake has approval to reach 130,000 bbl/d production capacity, including 45,000 bbl/d at Phase A. 2P reserves at YE16 were 2.8 Bbo at Christina Lake, 2.7 Bbo at

Foster Creek and 1.0 Bbo at Narrows Lake.Cenovus said it will “enjoy the full

benefit” of construction on the Phase G expansion at Christina Lake, where it expects expansion can be completed with capital investment of $16,000-18,000 per flowing barrel. Module assembly has already resumed for phase G, which has a design capacity of 50,000 bbl/d. Field construction is expected to ramp up to full activity by mid-2017, with first oil expected in 2H19.

Cenovus makes Deep Basin entrance— The new Deep Basin assets at Elmworth-Wapiti, Kaybob-Edson and Clearwater

encompass ~3.0 million net acres and include 70% average WI. Cenovus is dedicating $170 million of its $1.2-1.3 billion 2017 capex to a three-rig drilling program on these properties.

A&D

Cenovus Gains Second Growth Platform In Deep Basin

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• One of the largest Deep Basin land positions in the WCSB

•Three core operating areas: Elmworth-Wapiti,Kaybob-Edson, and Clearwater

• Low decline production base coupled with significant liquids-rich development upside

•Deep inventory of short-cycle, high IRR potential drilling opportunities in areas that attract capital from offsetting operators

•Assets have been capital constrained in recent years

•1.4 BCF/d of majority owned and operated net natural gas processing capacity

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• 2017F production: 120,000 BOE/d (26% liquids; 17% decline rate)

•Total net acres: ~3.0 million

•Proved + probable + future drilling opportunities: ~ 1,500

•2P reserves: 725 MMBOE (62% proved)

Source: Cenovus March 29 Presentation via PLS docFinder www.plsx.com/finder

Cenovus scores oil sands, Deep Basin assets Continued From Pg 1

Conoco to receive 5 years of contingent payments after WCS tops $52/bbl.

~1,500 potential drilling opportunities identified on Deep Basin assets.

PSAs for Pembina and Wilson Creek acquisitions signed in 4Q16.

First tranche of Clearview's private placement closed in early February.

Continues On Pg 5

Access PLS’ archive for previous A&D newsFor general inquiries, email info@plsx.com

Volume 26, No. 05 5 a&dCardinal clinches Grand Prairie assets from Craft Oil

Craft Oil closed the sale of its Grand Prairie assets to Cardinal Energy on March 17 for $4.0 million in cash and 4.0 million shares. The disposition completes the sale of all of Craft’s assets, following last month’s sale of assets in the Judy Creek and Thornbury-

Portage areas of Alberta to Point Loma Resources for $1.6 million. The light oil assets Cardinal acquired produced ~1,625 boe/d (36% oil

and NGL) in 4Q16 and are expected to produce an average of 1,000 boe/d this year. Cardinal estimates that the assets hold 3.4 MMboe in 2P reserves and described the deal as consistent with its strategy of increasing the overall light oil weighting of its production mix.

Capex in 2017 has been set at $52.7 million—62% to be spent on drilling. Cardinal ended 2016 producing 15,000 boe/d (85% oil) after drilling nine wells all year. Still, Cardinal replaced 250% of 2016’s output through its low-decline, medium-oil assets at Wainwright—acquired in 2014 in two deals that totaled $406 million. Cardinal said it will achieve synergies on these acquisitions in 2017 via the shut-in of an oil battery offsetting the acquired lands and the processing of company oil at Wainwright.

Prairie closes $41 million Red Earth buy

Prairie Provident Resources closed its $41 million acquisition of assets in northern Alberta’s Greater Red

Earth area in a deal that complements its existing core operations at Evi in

the Peace River Arch area. Production from the new assets is 1,100 boe/d (98% oil and liquids), increasing Prairie’s production to 6,500 boe/d (64% oil and liquids) and its total 2P reserves by 40% to 3.8 MMboe.

The proximity of the Red Earth acreage to Prairie’s asset base at Evi is also expected to help reduce area operating costs by $2.00 per boe and improve its ability to compete for services. Prairie said the integration of the assets into its Evi operations has already begun. The assets had a low base decline rate of ~10% over the past 12 months, which is expected to rise to 20% due to the large suite of waterflood expansion opportunities gained by Prairie in the deal.

Despite the deal, 2017 capex has been maintained at $25-35 million, while FY17 average production, factoring in the Red Earth buy, is expected to be 6,100-6,600 boe/d with exit production of 7,500-8,000 boe/d. The deal was funded with Prairie’s credit facility, which was increased by $10 million to $56 million following close, and from a recently closed $4.0 million bought deal equity financing of subscription receipts.

Funds flow from operations for the next 12 months is expected to increase by ~$12 million following the acquisition, which will encourage the company to pursue opportunities in other core areas, including its large inventory in the Mannville trend at Wheatland and Princess.

Closings

Cenovus said these assets have the potential for production to grow from an estimated 120,000 boe/d this year to about 170,000 boe/d in 2019, a more than 40% increase. Cenovus will also enter into a two-year technical services agreement providing access to Conoco’s expertise in developing and operating these assets, which include a substantial portfolio of processing facilities with current net processing capacity of ~1.4 Bcf/d.

Cenovus CEO Brian Ferguson said that asset sales have started as the company seeks to offset the cost of the acquisition. “Following

completion of the acquisition, our top priority will be to optimize our asset portfolio and capital structure, including repaying the outstanding bridge loans.”

Cenovus put its legacy Alberta conventional assets at Suffield and Pelican Lake up for sale and plans to sell more non-core conventional assets going forward. Sources speaking to Bloomberg said the company plans to raise ~$1.8 billion from property sales to offset the cost of the acquisition and has hired the Bank of Montreal to assist with the divestiture of the Suffield asset for $600 million. The sources said Cenovus has enlisted Canadian Imperial Bank of Commerce and Barclays to advise on the $1.2 billion sale of the Pelican Lake asset. Pelican Lake and Suffield’s combined production is about 29,000 bbl/d of oil and 112 MMcf/d of gas.

Cenovus is funding the deal through a $3.0 billion bought deal offering, a portion of existing $3.7 billion cash on hand, $4.0

billion available capacity on its existing credit facility, and its $10.5 billion committed bridge financing with Royal Bank of Canada and J.P. Morgan Chase Bank.

Conoco keeps Surmont, Blueberry— For Conoco, the deal achieves its balance sheet goal of $15 billion net debt at

YE2017 along with most debt maturities obligations cleared through 2023 and allows it to double its share repurchase program to $6.0 billion. The company's Canadian focus will now exclusively be the Surmont oil sands and the liquids-rich Blueberry-Montney unconventional asset.

Conoco finalized a swap in Q4 of non-strategic producing assets through which it added 30,000 acres in the Blueberry-Montney bringing its leasehold rights at YE16 to 3.1 million net acres. Surmont is a SAGD bitumen recovery facility operated by Conoco under a 50/50 JV with Total E&P Canada, where current production capacity is 140 MMboe/d.

Cenovus scores oil sands, Deep Basin assets Continued From Pg 4

A&D

Cenovus plans further asset sales to be initiated in 2017.

Assets held 3,966 MMboe of 2P reserves as of year’s end.

Forecasts 2017 operating netbacks of ~$31.00 per boe.

Capex subject to change depending on oil price movement.

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Hyduke pulls M&A trigger after years of planning

With the recovery of oil prices beginning late last year, Hyduke Energy Services was finally able to launch the turnaround strategy that it first proposed in 2014 to divest its non-core assets and pursue strategic acquisitions. Earlier this year, it spent $5.5 million to purchase Western Manufacturing.

In its FY16 report, management said the $12 million equity offering that closed in February has allowed it to assess potential acquisitions that add productive capacity, customer base, geographic footprint, and proprietary product lines.

Over the last two years, the company has divested its non-core assets and businesses in preparation for a price recovery that would position it to buy. In 2014, the company abandoned its machining facility in Nisku, Alberta, and discontinued its manufacturing operations in Houston, Texas, and its painting and sandblasting operations in Leduc, Alberta. In 2015, the company discontinued its crane repairs operations. Last year, its Calgary-based machining operations were discontinued.

The Western Manufacturing buy represented the start of what Hyduke hopes will be several acquisitions to grow its core oilfield services portfolio. Earlier this year, the company said it had been awaiting “the right market conditions” to expand its business. In the past year, Hyduke has been approved by about 100 new customers that it expects to do business with in 2017 and beyond.

Oilfield Services

Of the 35 Montney wells drilled on UGR lands so far, 20 have been drilled in partnership with Painted Pony, and of the 218 gross undeveloped 2P locations on UGR lands as of YE16, 57 are located on lands jointly held with Painted Pony.

The deal includes 197 net 2P drilling locations and management estimates over 1,000 additional unbooked drilling locations on UGR lands. The new assets

increase Painted Pony's 2P reserves by 39% to 325.1 MMboe. UGR has several drill-ready locations that, together with excess processing and takeaway capacity, are

expected to provide Painted Pony with significant low-cost, low-risk, near-term production volume additions.

A total of 17 wells are ready for drilling on existing pads. In addition to the expected 12% increase in 2017 average daily production, output in 2018 is forecast to rise by 41% to 509 MMcfe/d.

Painted Pony will also gain processing facilities and takeaway capacity not fully utilized by UGR. UGR has 155 MMcf/d of natural gas processing, of which 105 MMcf/d is currently unutilized.

The oil price recovery and the UGR acquisition prompted Painted Pony to increase its 2017 capital program, which now includes drilling 71 wells and 64 completions on a capex of $348 million, up from 58 wells and 51 completions per the previous $288 million plan. Painted Pony also plans to fill excess capacity at UGR facilities by YE17.

Painted Pony also entered a bought-deal offering whereby an underwriters syndicate led by Cormark Securities and TD Securities will purchase ~18 million Painted Pony shares at $5.60 each for proceeds of $100.9 million, which will be used to fund drilling on both acquired and existing assets.

Painted Pony will issue 41 million shares and assume UGR's net debt of $47 million. Based upon the equity-offering price of $5.60 per Painted Pony share, the total transaction value is $276.6 million.

Closings

Painted Pony's Montney GrowthGrowth

• Q4 2016 produc�on averaged approximately 220.2 MMcfe/d (36,695 boe/d) represen�ng a 144% increase over Q4 2015 average daily produc�on of 90.3 MMcfe/d (15,043 boe/d)

• 100% BC Focused Montney • 206 net sec�ons (131,865 net acres) is the second

largest posi�on in northern Montney west of deep royalty line

• 111 gross wells drilled (100 operated by PPY) as at Dec 31, 2016

• 4.9 Tcfe (823 MMboe) Proved Plus Probable Reserves(4.5 Tcf Natural Gas; 71 MMbbl liquids)

Strategic Advantages• A�rac�ve B.C. provincial royalty structure with

$2.2 million average royalty credit per well (only 3% royalty during royalty credit period)

• Current and proposed sales pipelines intersect PPY proper�es

• Firm transporta�on in-place to meet commitments from AltaGas Townsend Facility

Asset

Source: Painted Pony Mar. 7 Presentation via PLS docFinder www.plsx.com/finder

Painted Pony’s $230MM Montney buy Continued From Pg 1

Painted Pony expects 250% organic production growth from 2012-2016.

FY16 production was 139.2 MMcfe/d, up from 93.6 MMcfe/d in 2015.

Deal increases Painted Pony's Montney acreage by 52%.

Closed $12 million equity financing in Feb. aimed at funding new M&A.

Hyduke postponed its A&D strategy when oil prices crashed in 2014.

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Volume 26, No. 05 7 a&dTotal Energy Services emerges victorious in Savanna takeover

Savanna Energy Services terminated its agreement with Western Energy Services on March 29 after Total Energy Services became its largest shareholder following a contentious $444 million hostile takeover bid. More than 51% of Savanna’s shareholders

accepted TES’ shares-and-cash takeover offer of 0.13 of its shares and $0.20 per Savanna share. Ahead of the April 7 expiration of

the TES offer, Savanna announced the resignations of CEO Chris Strong and EVP and CFO Dwayne LaMontagne, and the resignation of all but one of its directors and their replacement with seven new appointees.

TES engaged in a buying binge of Savanna shares from March 27-April 5, buying up 1.1 million shares since the offer was submitted in November and bringing the total number of shares owned by TES to 62,062,797. Savanna’s management had urged its shareholders

to accept the negotiated Western Energy Services offer to acquire all of Savanna’s outstanding common shares on the basis of

0.85 of a Western share and $0.21 in cash per Savanna share. Western said it is considering “remedies it may have in connection with Savanna’s notice of termination.”

The change in control of the company puts Savanna in default with its first- and second-lien credit facilities. TES said the strength of its balance sheet will enable it to assume Savanna’s $248 million debt. TES has $46.9 million in long-term debt and 59% more revenue than Western, which reported $264.1 million in long-term debt at YE16.

A long, contentious process comes to an end— TES's initially offered 0.1132 of its shares for each Savanna share. It then raised its bid

to 0.13 of its shares and took the offer directly to Savanna’s shareholders. In mid-December, Savanna said it had received interest from other potential bidders after Total went hostile with its offer.

On March 9, Savanna’s board approved Western’s offer of 0.85 of a Western share for each Savanna share. Western added $0.21 in cash for each Savanna share less than a week later, raising the purchase price by 10% to $586.3 million. Savanna said that in addition to the greater ownership the Western deal provided Savanna’s shareholders, it also presented better synergies, as the market cap of Savanna-Western would be correlated solely to drilling, well servicing and related rentals, whereas TES-Savanna would be a mixture of businesses that are not as closely related.

TES noted in its blistering response to the deal that it confirmed with the Savanna shareholders who had entered into lock-up agreements that they considered the Western deal to be inferior to the TES offer. TES said many independent shareholders planned to tender their Savanna shares to TES. It had already locked up 43.5% of Savanna shares by

March 21, enough to block the deal. “Savanna reportedly only has the

support of corporate insiders...and the Alberta Investment Management Corp., which only recently became a shareholder of Savanna when it participated in a highly dilutive refinancing completed by Savanna at $1.45 per share in December 2016 and became Savanna’s largest lender by refinancing Savanna's significant debt,” TES said on March 21. TES said shareholders preferred its bid because of “a 21-year track record of providing its shareholders with industry-leading returns” compared with Savanna and Western’s “consistent underperformance.” Neither Savanna nor Western pays dividends, while TES does.

Oilfield Services CENTRAL ALBERTAALBERTA NON-CORE PROPERTY2-Producing Properties.BRAZEAU, PEMBINA, WOLF LAKE---- HINTON & WASKAHIGAN AREAS PPCardium, Rock Creek, Ostracod, Shunda---Mannville And Other Formations. ~500WORKING INTEREST FOR SALE BOEDFeb 2016 Avg. Production: 502 BOEPDComb. Operating Income: $1,400,000Total Proved Reserves: 2,966 MMBOECONTACT AGENT FOR UPDATEPP 11425

ALBERTA PROPERTY2-Producing Wells. 1-Water Injection Well.PEMBINA.Nisku Oil Pool. PP1-Water Potential Injector Well And ------Associated Pad Facilities. ~1,50046.875% OPERATED WI FOR SALE BOEDGross Production: ~1,500 BOEDOriginal Oil-In-Place: 8.2 MMBBLSORIGINALLY Q4 2016 SALECONTACT AGENT FOR UPDATEPP 11179DV

ALBERTA PROPERTY SALE2-Producing Properties.BIGSTONE & WILSON CREEK3-Horizontal Montney Producing Wells. PP2-Belly River Oil Producing Wells.Natural Gas Infrastructure Available.OPERATED & NonOp WI FOR SALE 49Comb Est. Net Production: 49 BOED BOEDPV10 Value: $11,600,000Total Proved Reserves: 983 MBOEORIGINALLY Q4 2016 SALECONTACT AGENT FOR UPDATEPP 11101

ALBERTA ROYALTIES537-Wells. 221,400-Acres. ~345 Sections.CENTRAL & SOUTHERN ALBERTA255 Potential Well Locations. RRNorth Fee Lands Rights: Surface To ---- Base Cretaceaous & Any Zone BelowSouth Fee Lands Rights: Surface - Base5% NET ROYALTY INTEREST ~270Current Production: ~267 BOED BOEDCum Production: 1,600 MMBO & 2.4 TCFEst 2016 Net Revenue: $3,392,000ORIGINAL OFFERS DUE LATE AUG 2015CONTACT AGENT - POST BID STATUSRR 13397

EYREMORE AREA. T16.17-Wellbores. ~5,792-Gross Acres. PP2-Operated Wells.Varying Working Interests & GORR’s NONOPQ2 2016 Net Production: 10.8 BOEDCONTACT SELLER FOR MORE INFOPP 13717RR

Rick Torriero, VP, Finance replaces LaMontagne on an interim basis.

New Savanna CEO to be named by reconstituted board 'in due course.'

TES offer gives Savanna shareholders 33% ownership of combined company.

Savanna shareholders have until April 7 to vote on TES offer.

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January 2, 2015 • Volume 04, No. 16

OilfieldServiceSServing the marketplace with news, analysis and business opportunities

TUSCALOOSA DRILLING PROJECT~20,000-Contiguous Gross Acres.MAJORITY IN PIKE CO., MISSISSIPPI TUSCALOOSA MARINE SHALEAlso Tangipahoa & St. Helena Ph., LA DV169-Drilling Locations. 80-Acre Spacing.SEEKING JV PARTNERSHIP; 75% NRI TMS2-D Seismic Available PLAYArea EURs: 600-800 MBO/WellLeases Expiring in 2018-2019DV 3395L

ALASKA ROYALTY ACREAGE 15,930-Gross/Net Acres.UPPER COOK INLET BASINKITCHEN LIGHTS UNIT (N. BLOCK) RRMiocene Tyonek & Oligocene HemlockDeep Sands: 11,000-16,500 Ft.Multi Pay Intervals Present~4.45% ORRI In Leases.Offset Well Tested Over 5,000 BOPD ORRI-- From Tyonek Deep Channel Sands.Estimated Project Reserves: 89 MMBO3rd Party Reserve Report Available.Continued Development by Furie.CALL SELLER FOR DETAILSRR 5100

FEATURED DEALS

Technip spies other deals after withdrawing CGG offer

Technip has formally withdrawn efforts to take out fellow French seismic leader CGG following the rebuffing of an unsolicited $1.83 billion cash bid for the company by Technip. The offshore E&C leader said that following CGG’s refusal, Technip proposed a number of alternate options to a tender offer, but said these efforts were similarly unfruitful. In a separate

statement, CGG said that none of the proposed options created value for the company, and The Financial Times reported that board members viewed the offer as opportunistic in light of lower oil prices. Regardless, CGG asserted it was in position to weather current difficult market conditions.

Canadian service firms give signs of things to comeIn an early indicator of where service capex budgets are headed in the Lower 48 as

they are announced in coming months, Canadian service firms have been announcing drastically reduced 2015 spending plans and newbuild construction halts in anticipation

of lower producer cash flows. Many of these firms also have US operations, for even better visibility on things to come. Number one Canadian driller Precision Drilling cut next year’s budget

44% to C$493 million from 2014’s C$885 million and idled its new rig construction program “until we see an improved commodity price environment and rising customer newbuild demand,” said CEO Kevin Neveu. The 2014 plan is also being cut slightly from a prior C$908 million. Precision will complete 16 currently under construction rigs, 15 headed for the US and one for Kuwait, but is planning no further deliveries next year.

Precision is trimming excess fat for leaner times as well, announcing it has sold its US coiled tubing assets for C$44 million cash to an undisclosed buyer. As of YE13, Precision’s C/T fleet consisted of eight units in the Marcellus and Bakken shales, and Peters & Co. believes the price tag represented replacement cost.

GE guides down for oilpatch efforts in pivotal 2015 General Electric is positioning to weather the downcycle with stoicism while

picking up new business, and businesses, along the way. GE is calling 2015 a “pivot” year, as it digests the massive ~$15 billion acquisition of Alstom’s power assets (closure in Q2), raises proceeds from non-industrial, non-core asset sales and cuts

costs to mitigate the impact of cheaper oil. GE anticipates industrial profits up 10% or more next year, but as for oil and gas specifically,

while the division saw $4.9 billion in orders in Q3, it is already seeing headwinds. GE cut its growth outlook from high single- to low double-digit growth down to mid-single digit expectations. CEO Jeff Immelt called crude pricing issues a short term industry challenge. The company now hopes to keep oil and gas profits and revenues fairly flat through cost controls, although acknowledging that they very well may slide as much as 5%, particularly under capex freeze scenarios. Its exposure to the space is more geared toward production and less than peers on more volatile onshore unconventionals.

Assessing the service sector damagePrognosticators parse impact of crude plunge on services

With crude now down about 50% from its summer highs and E&Ps slashing capex left and right, some sense of the impact on the service sector is starting to come to light. Fortunately, with ongoing projects unlikely to have their plugs pulled, there is still probably a month or two of “full steam ahead, ” but some time next quarter activity decreases should begin to be more heavily felt, and it is worthwhile to examine who is best and worst positioned, how large the damage is likely to be, and how long a

trough could last. As for fracking,

PacWest Consulting recently did a deep dive conference call on its expectations, and the firm anticipates an 8% demand (as measured by hp) and price cut next year in US land. The drop represents a 12% decline in the number of horizontal wells fracked, offset somewhat by the continued shift toward more sand, stage-count and HP-intensive fracs. That said, frac stages are still expected to decrease 6%.

CGG deal dead in water; company cited opportunism by Technip.

PacWest sees frac demand & pricing down 8% next year.

Oil & Gas segment sales & profits projected down 0-5% next year.

Precision cut its 2015 budget 44% to C$493 million from 2014’s C$885 million.

Continues On Pg 8

Continues On Pg 6

Continues On Pg 10

Continues On Pg 12

Total Energy looks to US as it waits for higher prices.

OilfieldServices March 23

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EAST ALBERTAHARMATTAN EAST T32.1-Producing Well. 4-Non-Unit Wells.Upper & Lower Viking Formation. PPOil & Natural Gas Non-Unit Wells.Horizontal Well Potential.Non-Operated WI FOR SALE 100Total Net Production: 100 BOEPD BOEDTotal Income Q4 2015: $170,000Total Proved Reserves: 514 MMBOETotal Proved Plus Probable: 1,229 MMBOEORIGINALLY Q2 2016 SALECONTACT AGENT FOR UPDATEPP 11224

VERMILION. T50. 33-Active Wells. 6-SWD. 1-Suspended.Sparky Formation. PPAdditional Upside P&NG TBO Mannville.Production To Date >95% Oil. 5066.66% OPERATED WI AVAILABLE BOEDNet Production: ~50 BOEDTotal Cumm’d Production: ~3.46 MMBOEAsset Has LLR of ~0.9.PP 11120DV

WESTERN ALBERTA PROPERTIES28,064-Net Acres. 2-Hz Wells Drilled.VALHALLA & PROGRESS AREA.Production From Montney/Doig Resource. PPMiddle & Upper Montney, Basal Doig, -----And Upper Charlie Lake Formations.>80 Horizontal Well Potential. ~255WORKING INTEREST FOR SALE BOPDNet Production: 256 BOPD2016 Net Operating Income: $150,000/MnProgress Total Proved: 1,410 MBOEProgress Total Plus Probable: 3,665 MBOECONTACT AGENT FOR UPDATEPP 13032DV

WEST ALBERTAWESTERN ALBERTA PROPERTY5-Key Areas.PROGRESS/VALHALLA, SPIRIT RIVER,POUCE COUPE, BONANZA & JOSEPHINE PPDoig, Charlie Lake, Montney, Halfway &Boundary Lake Upside 190\Varying Working Interest Available BOEDAggregate Production: 190 BOEDExpected 2017 Income: ~$123,167/MonthTotal Proved Reserves: 787 MBOETotal Proved PV10: $6,942,000CONTACT AGENT FOR UPDATEPP 13658DV

CENTRAL ALBERTACENTRAL ALBERTA SWD SALE1-SWD. 1-Injection Well. 5-Acres.FT. MCMURRAY AREA.Tank Farm Site & Disposal Well. SWDTwo 750 Barrel Capacity Skim Oil TanksPotential Change To Class 1B SiteSEEKING JV PARTNER OR SALETank Capacity: 1,000 Barrels Storage SWDMajor Operators In Surrounding AreasRevenues Generated From Skim OilSAGD Gearing Up For New Pipeline.TurnKey Opportunity With Minimal InvestmentCONTACT AGENT FOR UPDATESWD 13044

KAYBOB. T62-65.50-Sections. 1-Producing Hz Well.Duvernay Rights. PPSwap & Farmout Proposals Considered100% OPERATED WI FOR SALE ~50Current Production: 50 BOED BOEDORIGINALLY Q4 2016 SALECONTACT AGENT FOR UPDATEPP 11001

NITON / MCLEOD AREA T54-56.1-Producing Property.Production From Cardium, Wilrich----And Lower Mannville Formations. PPOPERATED WI FOR SALERecent Net Oct 2016 Prod: 195 BOEDRecent Net Operating Income: $90,000/Mn 195Est, Net PV10 Value: $26,200,000 BOEDTotal Proved Reserves: 3,208 MBOEProved Plus Probable: 5,195 MBOECONTACT AGENT FOR UPDATEPP 11275DV

PARKLAND. T52.7-Oil Wells. 1-SWD. 2-Shut In.PEMBINA AREA - 5.5 SectionsMannville Formation. 1,800 Meters. PPWells Completed In Ostracod Formation.CBM Potential On Shut In Wells.100% OPERATED WI FOR SALE MANNVILLENet Production: ~30 BOPD & 200 MCFDNet Cash Flow: ~$80,000/MonthPrefers Trade For NonOp AB/SK Property.CONTACT SELLER FOR DETAILSPP 12899DV

EAST ALBERTADONALDA AREA. T41-42.2-Wells. 4,640-Gross Acres. PPProduction From Belly RiverTargets: Viking & Belly River BELLY3.729746% WI In Unit RIVER16.6-33.33% WI In Non-UnitSignificant 3rd Party Revenue From Unit.CONTACT OWNER FOR DETAILSPP 13375

CENTRAL ALBERTACANADA PROPERTY PACKAGE 621,000-Gross Hectares. 10-Wells.ALBERTA PPBIRCH HILLS WEST. T75-81.Peace River Arch & Wabamun Formations. 145OPERATED & NonOP WI FOR SALE BOEDTotal Net Production: 145 BOEDProved Probable Reserves: 1,007 MBOECONTACT AGENT - POST BID STATUSPP 12206

CENTRAL ALBERTA ASSET SALE11-Units. 327-Sections. ~210,000 Acres.SWAN HILL AREABEAVERHILL LAKE FORMATION PPLow Risk - Impactful OpportunitesOPERATED WI AVAILABLECurrent Production: 13,000 BOED 13,00012-Mn Avg Operating Income: $4,166,666 BOEDTotal 2P Reserves: 74.8 MMBOE (76% Oil)Total 2P Reserves PV10: $951,000,000POST BID STATUSCONTACT AGENT FORE MORE INFOPP 13542

CENTRAL ALBERTA ASSET SALE~37,458-Net Acres.MICHICHI & BANFF AREASProven Light Oil Opportunity PP71 Potential Locations Identified.3D Seismic & Geotechnical Data AvailableAvg ~97% OPERATED WI AVAILABLE ~820Q3 2016 Production: ~820 BOED BOEDProduction Is 57% Liquids.Total P+P Reserves: 7,606 MBOETotal P+P PV10: $72,200,000CONTACT AGENT FOR MORE INFOPP 13621DV

CENTRAL ALBERTA ASSET SALE47,616-Gross Acres.KAYBOB SOUTH, VIKING-KINSELLA& WASKAHIGAN AREAS. PPCardium, Glaucontice, Mannville &Montney Zones.High Working Interest For Sale 47,600Febraury 2017 Production: 628 BOPD GROSS2017 Net Operating Income: $11 MM ACRESProved Reserves: 2,481 MBOECONTACT ADVISOR FOR MORE INFOPP 13009

CENTRAL ALBERTA PROPERTY5-HZ Producers. 6-InActive. 25,000+ Acres.HUSSAR/ROSEBUD AREAPekisko Formation. PPProprietary 3D Seismic Data100% OPERATED WI AVAILABLE 87Net Production: ~87 BOED BOEDNet Operating Income: ~$47,500/MonthCONTACT AGENT FOR STATUSPP 11727DV

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Volume 26, No. 05 9 a&dMost of Canyon’s 2016 revenue of $239 million (versus $403 million in 2015)

was sourced from Alberta (42%) and British Columbia (40%), with the Deep Basin generating 85% of Canyon’s revenue. Saskatchewan operations generated 18%

of its revenue last year. Likewise, Trican’s presence spans the Western Canadian Sedimentary Basin, with Deep Basin,

Montney and Duvernay activity generating 70-75% of its 2016 revenue.Trican’s current Canadian pressure pumping fleet consists of 422,000 fracturing

hhp, 55 cementing units and 19 coil units. Canyon’s fleet at YE16 consisted of 256,400 hhp and it expects that to rise to 261,900 by June 30 based on expected increased demand in the Montney and Duvernay plays.

Canyon pumped 368,581 tonnes of proppant in 2016, only 12% lower than the 420,171 tonnes pumped in pre-downturn 2014. But the decline in commodity prices significantly affected its prices, with pressure pumping equipment prices for fracking services down more than 60% last year from average 2014 levels. Prices began improving in Q4 as oil prices recovered. In the first two months of 1Q17, Canyon pumped ~120,000 tonnes of proppant and expects Q1 average pressure pumping fracking prices to be 10-15% higher than 4Q16 levels.

Trican expects to achieve ~$20 million in annual pre-tax synergies upon the expected completion of the integration in 2018 by creating additional leverage on the combined companyʼs fixed cost

structure and optimizing operational facilities. With a combined market cap of $1.4 billion, the acquisition creates one of the largest Canadian oilfield service providers.

"Trican and Canyon have similar businesses and shared values, and we are committed to driving a successful integration," Canyon CEO Brad Fedora said.

RBC Capital Markets and Scotiabank are Trican’s financial advisors while Peters & Co. is advising Canyon.

Mullen buoys OFS segment via Envolve purchase

Mullen Group Ltd. acquired Envolve Energy Services Corp., a private well disposal company based in Grand Prairie, Alberta, expanding its

oilfield services segment and its presence in Western Canada’s key resource plays,

including the Montney, Duvernay and Deep Basin. Mullen already owned 37.9% of Evolve prior to the acquisition. “This acquisition will expand our footprint into what is recognized by many as one of the best resource plays in North America and more importantly it will provide our organization with a new growth platform,” Mullen CEO Murray K. Mullen said.

Envolve 1, which is Envolve’s well disposal facility south of Grand Prairie, commenced operations in 2015 and is capable of handling more than 1,000 cubic meters of fluid per day. Mullen underscored how Envolveʼs “New Build Strategy” in designing, building and commissioning new well disposal facilities mitigates the risk associated with legacy based well disposal locations.

Mullen expects Envolve 1 will generate annual revenue of $8.0 million, a ~25% return on capital employed immediately accretive to Mullen. The acquisition also provides Mullen with a new growth platform that it will harness by funding additional facilities built per the New Build Strategy. The company expects each new facility will generate similar margins and ROCE as Envolve 1.

“As drilling activity recovers from the latest downturn, additional strategically located disposal well facilities will undoubtedly be required,” CEO Mullen said.

Mullen said the recovery in oilfield activity that started in Q4 and the strength of its balance sheet supports more M&A this year. “Weʼre going to be active on the acquisition front in 2017, and we think that will help accelerate our growth,” Mullen said.

Oilfield Services

Trican’s Canadian Fleet Set To Grow• Current Canadian fleet

• 422,000 fracturing HP• 55 Cementing units• 38 N2 Pumpers• 19 Acid Units• 16 Coil Units

• Approximately• 40% of fracturing capacity parked• 50% of other services parked

• Equipment not scavenged• Estimate $3.5 million Capex to

activate parked fracturing equipment• $50,000 Capex / truck to activate

parked cement equipment

• Looking to activate parked equipment in 2017

* Anticipated HP at year-end based on approved budgets, which are subject to change

050,000

100,000150,000200,000250,000300,000350,000400,000450,000500,000

2008 2009 2010 2011 2012 2013 2014 2015 2016*

Canadian HP Growth

Source: Trican March 1 Presentation via PLS docFinder www.plsx.com/finder

January 15, 2015 • Volume 06, No. 01

CanadianCapitalServing the marketplace with news, analysis and business opportunities

ALBERTA PROPERTIES SALE5-Non-Core PropertiesCENTRAL & WESTERN ALBERTA PPAbee, Highvale, Kakut, Majeau & MorinvilleUp to 100% OPERATED WI FOR SALE 5.7Net Production: ~400 BOED (82% Gas) MMCFEDAvg Net Operating Income: ~$189,166/MoCALL AGENT FOR MORE INFOPP 14403DV

CANADIAN JOINT VENTURE1-Prospect. 43,000-Acres. 67-Sq Miles.MAGDALEN BASIN. GULF OF ST LAWRENCE DV80-km West of SW Tip of Newfoundland.Water Depth 470 m. Drill Depth 2,500 m.>1,000 km 2D Defines FourWay Closure. MAGDALEN100% OPERATED WI; JOINT VENTURETotal Resource Potential: 5.0 BBO or --- 7.0 TCF Carboniferous Clastic Targets.CALL AGENT FOR UPDATEDV 15009

FEATURED DEALS

Eagle Energy Trust becomes a Canadian asset holder

Eagle Energy Trust unitholders have approved a special resolution to amend the investment restrictions in Eagle's trust indenture, enabling it to invest in energy assets in Canada. Eagle had been previously been limited to investing on non-Canadian assets—the company currently has production of 1,900 boepd from properties in Texas and Oklahoma. The changes won’t have any impact

on its US operations or the taxes on distributions from those operations; the company’s Canadian investments will be structured so that its Canadian operations will be taxed in the same manner as other Canadian energy companies.

Eagle wasted no time taking advantage of the change, signing a deal with Spyglass Resources Corp. to buy a 50% non-op interest in producing properties under waterflood in the Dixonville Montney C oil pool in north central Alberta, paying $100 million. The acquisition adds 1,250 boepd of low-decline production.

Producers banking on service company savingsAs producers scale back their capital spending plans in the wake of falling oil

prices, many are looking to the service sector to help them prop up their bottom lines. Crescent Point Energy is already factoring a 10% reduction in service costs into its 2015 budget and will be pushing for more if prices remain low. Others are expected

to approach their capital budgets with the same mindset.

According to a survey con-ducted by Barclays, capital spending in the US and Canada is expected to fall by as much as 30% from last year to $138.1 billion. In turn, about half of producers expect drilling and completion costs to fall 10% in 2015, including in areas such as pressure pumping, drilling fluids and directional drilling. And while producers may see the service savings as a slight respite from the decline in oil prices, the news is doubly disheartening for those service providers. Not only are they seeing declines in their own businesses, they’re being asked to take less for the services they do provide.

Service companies are already feeling the impact.

Crescent Point banking on service cost & efficiency savingsHalf of oil hedged at US$90/bbl for 2015

Although Crescent Point Energy is setting its capital budget for 2015 about 28% lower than 2014, the company expects the slimmed down budget to deliver 9% YOY production growth to 152,500 boepd. The company set its budget for the year at $1.45 million, down 28% from the $2.0 billion

forecast for 2014. The budget assumes an

initial 10% reduction in service costs. Crescent Point expects to see even greater cost reductions if low prices persist. The company is looking at ways to improve its operational efficiency and is working on a number of drilling and completion technologies that could cut costs even further.

“When prices fell dramatically in 2008 to 2009, we were able to realize a 30% reduction in our Bakken drilling and completions costs,” said CEO Scott Saxberg.

“We'll be working hard with our service providers and fully expect to see rates come down even more than they already have.”

Canadian Natural Resources cuts capex by $2.4 billionOil sands player Canadian Natural Resources is the latest producer to revisit its

capital spending plan for 2015, cutting it back by $2.4 billion to $6.2 billion. That’s down 30% from the $8.6 billion budget it laid out in November 2014 and about half

the $12 billion it expected to spend in 2014. The bulk of the reductions will come via reduced drilling and related facility capital for its North

America and International conventional operations. The company will also defer $470 million in spending at its Kirby North Phase 1 in situ oil sands project, cutting spending by 82% to $105 million from its previous forecast of $575 million. The reduced budget wasn’t a complete surprise; when it released the original budget the company warned that it was prepared to cut $2.0 billion from that if conditions warranted. CNRL said the reduced spending would allow it to continue its dividend unchanged.

CFO Corey Bieber told the Globe and Mail he did not know when spending at Kirby North might be restored.

Will defer $470 million in spending at Kirby North Phase 1 project.

Viewfield Bakken & Shaunavon plays to get nearly half of spending.

Half of producers expect drilling & completion costs to fall 10% in 2015.

Continues On Pg 6

Continues On Pg 8

Continues On Pg 13

To be taxed at rate other E&P firms pay, not at prior 34% on distributions.

Cont’s On Pg 10

Trican Well Services takes $50 million loss in 2016.

CanadianCapital Mar. 1

Trican buys Canyon Services Group Continued From Pg 1

Canyon to deploy 11 retrofitted High Spec QEM 3000 fracking pumps.

Mullen’s 2 segments are Trucking/Logistics and Oilfield Services.

Pricing for Canyon’s services have been improving since the fourth quarter.

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SOUTHERN ALBERTAQUEENSTOWN. T16-21.10-Wells. 47.5-Sections.Mannville Production.Additional Upside In The Ellerslie, Nisku- PP--And Pekisko/Shunda Formations.OPERATED WI & ROYALTY FOR SALECurrent Production: 100 BOED 100Net Asset Value: $5,527,269 BOEDProved PV10 Value: $3,459,000Total Proved Reserves: 467 MBOEProved Plus Probable: 698 MBOEORIGINALLY Q4 2016 SALECONTACT AGENT FOR UPDATEPP 11118RR

SOUTHEAST ALBERTA ASSET SALE7-Total Wells. 640-Acres.CRESSFORD AREA.Producing From Mannville Pool PPRights From Surface To Base Of Mannville6 UnBooked Drilling Locations.All Wells Flow-Lined To Proration Battery100% OPERATED WI AVAILABLE MANNVILLECurrent Production: 20 BOPD & 80 MCFDPDP Reserves: 107 MBO & 225 MMCFPDP PV10: $2,814,000Access To IPL Hamilton Lake Pipeline &Throne Truck Terminal.CONTACT AGENT FOR MORE INFOPP 13272DV

MULTIPLE ALBERTAALBERTA CORPORATE DIVESTITURE3-Producing Wells. 4-NonProducing Wells.HARMATTAN, PEMBINA, LEDUC--- CO--- AND RED EARTH AREAS.Cardium, Mannville, Nisku And------Slave Point Formations. ~34OPERATED & NONOP WI FOR SALE BOEDRecent Net Production: 34 BOEDDeemed Net Asset Value: $321,137CONTACT AGENT FOR UPDATECO 29901PP

ALBERTA PROPERTY SALE6-Producing Properties.GARRINGTON, VIKING, BUCK LAKE----PEMBINA, SKARO & MEYER LAKE PPGlauconitic, Ellerslie, Elkton, Cardium----And Other Formations.OPERATED WI FOR SALE 440Recent Oct 2016 Production: 440 BOED BOEDMonthly Net Operating Income: $250,000PV10 Value: $33,200,000Total Proved Reserves: 2,311 MBOETotal Proved Plus Probable: 3,976 MBOEORIGINALLY Q4 2016 SALECONTACT AGENT FOR STATUSPP 11126DV

SOUTHERN ALBERTAALDERSON WEST AREA. T15.1-Gas Unit. 1,280-Gross Acres. PPProduction From Glauconitic Sands~9.4% NonOperated WI AVAILABLE GLAUCONITICProducing Unit.CONTACT OWNER FOR DETAILSPP 13606

SOUTHERN ALBERTA SALE2-Key Areas. PPWILSON CREEK & BUCK LAKE AREASGlauconitic & Cardium FormationsOctober/November 2016: 102 BOED ~100Current Operating Cash Flow: $47,083/Mn BOED2P Reserves: 829 MBOETotal PV10: $7,023,000AGENT WANTS OFFERS APR 27, 2017PP 13046

WESTERN CANADA SALE SUB PKG 32-Producing Areas.TABER AND HUSSAR ALBERTA PPMajority Of Lands Are HBPLarge Contiguous Land Position.Banff And Mannville Oil Objectives. ~7,900Shallow Decline Prod Depths: 800-1,000m BOEDWORKING INTEREST FOR SALETaber Production: ~7,740 BOEDHussar Production: ~7,970 BOEDCONTACT AGENT - POST BID STATUSPP 12073

ALBERTA NON-CORE PROPERTIES2-Producing Properties.CHIN COULEE & CLARESHOLM PPSawtooth & Barons Sand Formations.100% WORKING INTEREST FOR SALEComb. Production: 61 BOED ~61Chin Coulee Net Value: $1,800,000 BOEDClaresholm Net Value: $277,372Chin Coulee Total Proved: 118 MBOEClaresholm Total Proved: 38 MBOECONTACT AGENT FOR UPDATEPP 20100DV

GADSBY. T37. 2-ShutIn Wells. 1,280-Acres.Viking. ~3,700 Ft. PPMannville. 4,600 Ft. VIKING100% OPERATED WI AVAILABLECurrently ShutIn Due To Prices.PP 11461DV

HANNA. T24-T31.21,050-Gross Acres. PPFormations: Second White Specks & ---- Mannville MANNVILLEAvg 22% Working Interest AvailableCurrently Producing.CONTACT SELLER FOR MORE INFOPP 13597

NORTHERN ALBERTAWESTERN CANADA SALE SUB PKG 14-Producing Areas.PEMBINA, REDWATER, NORTHWEST---NORTH CENTRAL ALBERTA PPCardium, Viking Light Oil, Montney And---Horn River Formations.HZ Drilling Inventory Of Extension And--Infill Wells, Shallow Decline Gas Prod. WI FORWORKING INTEREST FOR SALE SALEPembina Production: ~2,730 BOEDRedwater Production: ~2,370 BOEDNorth Central Production: ~4,340 BOEDNorthwest Production: ~10,880 BOEDCONTACT AGENT - POST BID STATUSPP 12071

ALBERTA RECEIVERSHIP PROCESS17-Key Areas. 259,136-Gross Acres.NORTHWEST ALBERTA AREAS. COLow Decline Oil & Gas DevelopmentOpportunties.~85% Working Interest For Sale ~1,200Dec 2016 Production: 1,223 BOPD BOPED2016 Net Operating Income: $1.4 MMProved Reserves: 3,542 MBOE2P Reserves: 4,991 MBOEAGENT WANTS OFFER APRIL 20, 2017CO 13037PP

NORTHWEST ALBERTA ASSETS145,924-Gross Acres. 115,151-Net Acres.DEEP BASIN, PEACE RIVER ARCH &WABASCA AREAS. PP83-Horizontal Development & Infill Drilling.Waterflood Upside Targeting Light Oil.Net Production: 2,618 BOED (56% Liquids) 2,490Total Proved Reserves: 6,412 MBOE BOEDProbable Reserves: 9,760 MBOENPV10: $58,295,000ORIGINALLY Q3 2016 SALECONTACT AGENT - POST BID STATUSPP 13072DV

SOUTHERN ALBERTAALBERTA STRATEGIC ALTERNATIVES>22,000 Net Acres. 35+ Net Sections.HARMATTAN & CROSSFIELD AREASSIGNIFICANT UPSIDE POTENTIAL PPViking Light Oil Production in Harmattan.Viking C, D & E Production in Crossfield.Numerous HZ Viking Locations Identified. >250~63% OPERATED WI AVAILABLE BOEDTotal Production: 273 BOEDNet Operating Income: ~$260,000/MonthTotal Proved Reserves: 1.4 MMBOENet Proved PV10 Value: $27,461,000Total 2P Reserves: 2.0 MMBOE2P PV10 Value: $37,056,000CONTACT AGENT FOR UPDATEPP 13478CO

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Volume 26, No. 05 11 a&dTidewater gains NE BC footprint in $10 million deal

Tidewater Midstream and Infrastructure Ltd. expanded its Montney footprint into northeast British Columbia in an all-cash $10 million deal with Predator Oil BC Ltd. Tidewater gains 40% WI in 30 MMcf/d sour, shallow-cut gas processing in the Parkland area, 1,000 acres of greenfield surface land in the Fort St. John area, and 100% WI in an 80-km cross-border sales gas pipeline in the Cordova area. Tidewater also transfers to Predator

~2,500 net acres of undeveloped lands in the Hythe area of Alberta previously acquired from Delphi Energy Corp. for $12 million in October 2015.

The Parkland Gas Plant and the Fort St. John properties are located in a new core area for Tidewater. The assets are near numerous pipeline egress options for NGL and gas connectivity and offer access to rail, holding the potential to

become a major energy hub in Northeast British Columbia. The deal facilitates Tidewater’s objective to connect its Montney infrastructure/egress hub in the Pipestone area.

The sales pipeline at Cordova is linked to the 140 MMcf/d Wildboy gas-processing facility (100% WI Predator), and connects to Westcoast Energy in NEBC and Nova Gas Transmission Ltd. in Alberta. As part of the deal, Predator has entered an agreement for gas processing at the Parkland Gas Plant with an area dedication for the life of the reserves and an agreement for transportation on the sales pipeline with an area dedication for the life of the reserves. Tidewater estimates the NEBC acquisition will generate annualized EBITDA of $1.8-2.0 million.

In a separate deal, Tidewater will acquire six tractors, seven NGL trailers and three condensate trailers from Mach Energy Services for $3.5 million in cash. The NGL trucking acquisition enhances the value of the recently announced fractionation facility at the Brazeau River Complex (BRC) gas plant in west-central Alberta and NGL truck-out gas processing facilities by providing further control of its operations. Tidewater estimates this acquisition to generate annualized EBITDA of $900,000.

Midstream What’s on the Market

Tidewater’s NGL Connectivity StrategyNGL Connectivity Strategy

Acquire Strategic Contracted

Infrastructure

u Own key NGL/gas infrastructure and gas plants with proximity to multiple transportation options, coupled with take-or-pay and/or reserve dedication agreements

u Opportunities to acquire top-tier midstream assets in strategic locations at discounted valuations. Ongoing review of new opportunities to further enhance the NGL Connectivity Strategy

Optimize Through Organic

Investments

u Enable Tidewater to own a strategic integrated value chain from well head to end market and/or tidewater

u Opportunities to invest organically to fill gaps in existing network

u Significant opportunities within acquired assets to continue to generate incremental EBITDA at > 20% IRR

Increase Capabilities of Infrastructure

u Increase third party throughput and/or improve liquids capture / pricing of NGLs for all related parties

u Have commenced construction of 10,000 bbl/d fractionation facility for $25-$27MM, generating $6-$7MM of annualized EBITDA in Q2 2017

u Relocation of existing acquired and idled turbo expander

u Commence construction of first NGL rail loading facility

u Focused on building out large scale Montney infrastructure and related egress

Enhance Logistics Network & Market

Access Infrastructure

u Various logistics infrastructure including rail, pipelines and trucking

u Various port and pipeline infrastructure to get us to export markets

u Improve cost structure and realized pricing

1

2

3

4

Source: Tidewater March 1 Presentation via PLS docFinder www.plsx.com/finder

Ten acquisitions announced or completed since April 2015 IPO.

■ Canadian Natural Resources Ltd. is marketing several central Alberta properties. In the Grimshaw area, CNRL is selling acreage with 18.75-100%

operated working interest, three active wells and 8,000 gross acres with

production from the Montney, Gething and Falher formations. The company is also marketing for either sale or farm out Cardium assets in the Niton area, including operated 15-66% WI. And in northwest Alberta, CNRL is marketing 1.56-100% WI on 8,040 gross acres with 28 producing wells in the Joarcam area, where production is from the Viking and Belly River. See PLS Listings Nos. PP 13316, L 13351 and PP 13353.

■ Freehold Royalties Ltd. is selling its 0.9528% non-op WI on properties holding 414 boe/d (72% oil and NGLs) in central Alberta. The assets have current annualized cash flow of $4.1 million. The WI properties have been separated into a South Package, West Package, Central Package and North Package. Sayer Energy Advisors is assisting Freehold in the process. See PLS Listing No. PP 13970DV.

March 14, 2017 • Volume 10, No. 03

MidstreamintelligenceServing the marketplace with news, analysis and business opportunities

All Standard Disclaimers & Seller Rights Apply.

Trio proposes new 730-mile Epic pipeline from the PermianA new 730-mile pipeline could be coming to the Permian Basin. The Epic pipeline

will be able to send 440,000 bbl/d to Corpus Christi, Texas, starting in 1Q19. Planning the Epic will be Castleton Commodities International, which made a $1.0 billion

acquisition in East Texas a few months ago, San Antonio-based TexStar Midstream Logistics and Dallas-based Ironwood

Midstream Energy.The project includes at least four receipt points for crude oil and condensate in

Texas including Orla, Pecos, Crane and Midland, which it will transport crude to the drop-off points in the Port of Corpus Christi area including an affiliate’s terminal.

The first open season for the 16-, 20-, 24- and 30-in. pipeline will continue until April 15, and offer commitments for 200,000 bbl/d of the planned capacity. The expected cost of the pipeline was not disclosed.

Welcome to the revamped Midstream Intelligence

“Midstream News” has become “Midstream Intelligence.” The new name is more than a name change. We will focus the report more on the North American midstream industry. We've redone the layout and added new elements. You will see a list of ongoing construction projects (PG. 2), an expanded Midstream Market Movers table (PG. 12), a tracking of North American LNG projects and the Alerian MLP Index (PG. 17). We greatly value your feedback. Please pass any comments to efaulkner@plsx.com.

Here's what you have to look forward to in this issue. In pipeline news, Castleton, TexStar and Ironwood announced plans to build a 730-mile 400,000 bbl/d oil pipeline from the Permian Basin to Corpus Christi (PG. 1). The open season will commence April 15. Speaking of open seasons, Enable Midstream kicked off a non-binding open season for projects that could add 600 MMcf/d of throughput to western and southeast markets for Anadarko Basin producers (PG. 3). Other top stories include WhiteWater Midstream beginning construction of the Agua Blanca line in the Delaware Basin (PG. 3), TransCanada cut tolls 46% on its Canadian Mainline (PG. 4) and Dakota Access startup is imminent (PG. 5).

In "Gas Processing" Canyon Midstream is expanding capacity in the STACK (PG. 3), Sendero is building in the Permian (PG. 11), and Lone Star is adding a fractionator at Mont Bevieu (PG. 11). In Canada, Veresen announced a new project for a $715 million processing complex in the Montney (PG. 10).

A&D activity was highlighted by Marathon's $2.0 billion dropdown to MPLX, the closing of the Enbridge/Spectra deal (PG. 9), Pembina's multi-billion Duvernay buy (PG. 9), and Matador's Delaware JV. (PG. 9).

See PG. 13 for 2016 earnings.

IN THIS ISSUE

Castleton bought $1.0B in East Texas acreage from Anadarko in November.

LNG Supply Expected 2017-2020 From FID Projects

0

30

60

90

120

150

0

2

4

6

Australia Pacific T1Australia Pacific T2GladstoneSabine Pass T1GorgonM

alaysia LNG T9

Petronas FLNG 1

Sabine PassT2Gorgon T2Gorgon T3Ichthys T1Sabine Pass T3Sengkang LN

GW

heatstone T1Cam

eron LNG T1

Cameroon GoFLN

GCove Point T1Ichthys T2Prelude FLN

GSabine Pass T4W

heatstone T2Elba IslandYam

al T1Cam

eron T2Cam

eron T3Corpus Chris� T1Freeport T1Freeport T2Sabine Pass T5Yam

al T2Corpus Chris� T2Freeport Train T3Yam

al T3Tangguh T3Petronas FLN

G 2

Mill

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2016 2017 2018 2019 2020 Cumula�ve (Right hand axis)§ ~146 million tons per annum of new FID’d liquefac�on produc�on coming online 2016-20§ All LNG facili�es due to start up in 2016 came online during the year

New LNG Supply By Project Start Date2016 Facili�es

Opera�onal 2017 Progress

Mill

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Source: GasLog Partners Presentation via PLS docFinder www.plsx.com/finder

Continues On Pg 6

Continues On Pg 16

Marathon receives $2.0B in opening asset dropdown to MPLXMarathon Petroleum's plan to dropdown assets to its MPLX MLP got underway

in force with a $2.015 billion deal, with much larger dropdowns expected this year. In exchange for the assets, MPLX is sending to Marathon $504 million in equity and

$1.511 billion in cash. The assets are expected to raise $250 million in EBITDA in 2017.

MPLX is picking up 62 light-product terminals with 24.0 MMbbl of capacity; 73 tanks with 7.8 MMbbl of capacity; a crude oil truck unloading facility at Marathon's refinery in Canton, Ohio; and eight natural gas liquids storage caverns in Woodhaven, Mich., with approximately 1.8 MMbbl of capacity. The dropdown also included 604 miles of pipeline over 11 systems.

MPLX recently issued $2.25 billion in unsecured senior notes, which it said help fund the acquisitions.

Marathon still exploring possible dropdown of Speedway assets.

For more LNG see our LNG section on PG. 15-20.

Tidewater Midstream closes $69MM bought deal financing.

MidstreamIntelligence Mar. 14

Canadian energy news & analysisCoverage of Canadian A&D, E&P finance and pricing.

PLS publishes hard-copy and electronic reports for the Canadian oil and gas industry. Each report is designed for a specific market including: A&D (assets), E&P (prospects), energy finance and product prices.

www.plsx.ca/reports

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MULTIPLE AREASALBERTA & BRITISH COLUMBIA545,894-Gross Acres. PPMontney, Mannville, Cardium, Viking ----Nisku, Keg River Oil & Other Formations.2D & 3D Seismic Database Available. ~9,600OPERATED WI & ROYALTIES FOR SALE BOED2015 Avg. Comb. Prod: 9,603 BOEDComb. 2P Est. Reserves: 42,437 MMBOECONTACT AGENT - POST BID STATUSPP 90667DV

ALBERTA & BRITISH COLUMBIA PKG2,340,000-Net Acres.MULTIPLE AREAS. 14-Key Fields. COPlains & Foothills Dry Gas.Deep Basin Liquids-Rich Gas.Producing From 16-Unique Horizons.Avg 65-67% OPERATED WI 353Q1 2016 Avg Production: 353 MMCFED MMCFEDAdditional Prod: 50 MMCFED (Behind Pipe)2015 Avg Cash Flow: $12,500,000/MnProved + Probable Reserves: 2.14 TCFECONTACT AGENT FOR MORE INFOCO 13252PP

ALBERTA & SASKATCHEWAN ASSETS~95-Total Sections.HARDY & RETLAW AREASBAKKEN FORMATION PPGlauconitic, Ostracod, Lower Mannville,Suburt, Belly River, Second White Specks& Ellerslie Formation Upside98.5% OPERATED WI AVAILABLE ~235Net Production: 236 BOED BOEDCurrently Cash Flow Positive.Total Proved Resveres: 482 MBOEPDP Resveres: 409 MBOETotal Proved PV10: $5,323,000ORIGINALLY Q4 2016 SALECONTACT AGENT FOR UPDATEPP 13620DV

CANADA NONCORE ASSETS SALE132,910-Net Acres.DEEP BASIN, PEACE RIVER ARCH &NORTHEAST BRITISH COLUMBIA PPProven Formations: Cretaceous, Jurassic& Triassic Zones~208 Net Sections Of LandAvg ~46% WI AVAILABLE 1,715Current Prod: 1,715 BOED (85% Gas) BOEDTotal Proved Reserves: 3.6 MMBOETotal Proved PV10: $13,400,000Established Infrastructure Access ThroughGathering Systems & Major PipelinesCONTACT AGENT FOR UPDATEPP 13381

SASKATCHEWANBIENFAIT. T2-T3.893-Gross Acres. PPMidale Formation.Avg 33% Working Interest Available MIDALECONTACT SELLER FOR MORE INFOPP 13527

CHAPLEAU LAKE. T13-T14.9,752-Gross Acres. PPRed River Formation.Avg 50% Working Interest Available RED RIVERCONTACT SELLER FOR MORE INFOPP 13476

SE SASKATCHEWAN ASSETS2-Key Units. ~6,026-Net AcresWEYBURN & MIDALE AREAS.Marly & Vuggy Zones PPPotential Infill Drilling, CO2 & WaterfloodExpansion & Well Optimizations~3-10% NonOperated WI Available ~1,200Net Production: 1,202 BOPD BOPDExp 2017 Net Income: ~$1,191,666/Mn2016 Proven Reserves: 6,058 MBOE2016 2P Reserves: 8,402 MBOECONTACT AGENT FOR UPDATEPP 13555DV

SHACKLETON AREA. T21-22.6,463-Gross Acres. 102-Wells.Milk River Natural Gas. PP99.2% OPERATED WI AVAILABLERecent Operating Income: $50,000/Mn ~2,7782016 Proven Reserves: 10,697 MMCF MCFD2016 2P Reserves: 14,210 MMCFAGENT WANTS OFFERS APRIL 6, 2017PP 13035

BRITISH COLUMBIASTODDART. T86.>47,000-Acres. >60-Sections.Baldonnel & Montney Formations. PPOffset Crown Land Available.Water Disposal Well & Facility. ~260Seismic & Well Log Data Available.100% OPERATED WI FOR SALE BOEDCurrent Production: 141 BOEDOOIP Reserves: 7-19 MMBO/ SectionCONTACT AGENT - POST BID STATUSPP 11264SWD

ALTARES & ATTACHIE AREAS~42-Net Sections. ~26,506-Net Acres.Montney Formation Potential COUpside In Doig & Gething CBM FormationsCOMPANY FOR SALETotal Proved Reserves: 1,764 MBOE STRATEGICTotal Proved PV10: $154,000,000 ALTERNATIVES2 Gas Plants, Transportation & FacilitiesCONTACT AGENT FOR UPDATECO 13228L

MULTIPLE ALBERTACANADA OPPORTUNITYMultiple Producing Properties.VARIOUS AREAS OF ALBERTAGlauconitic Sandstone, Edmonton Sand- PP-Belly River, Horseshoe Canyon And----Other Various Formations.Joint Venture Drilling Upside Opportunities. 1,885WI FOR SALE OR FOR FARMOUT BOEDProduction: 1,885 BOEDTotal PV10 Value: $53,148,000ORIGINALLY Q4 2016 SALECONTACT AGENT FOR STATUS UPDATEPP 11119FO

CANADA PROPERTY PACKAGE 72-Properties.ALBERTA. PPDAWSON T79 & PROGRESS T78Bluesky & Gething Formations. SUBOPERATED WI FOR SALE PACKAGEProgress Recent Net Prod: 21 BOED Proved Probable Reserves: 66 MBOECONTACT AGENT - POST BID STATUSPP 12207

CANADA PROPERTY SUB PACKAGE 911-Properties.ALBERTA PPBow Island, Little Bow, Coyote/Watts--Carbon, Trochu, Fenn West/Mikwan,Ewing Lake, Evi, Pouce Coupe, Mirage- SUB-Gordondale & Fourth Areas. PACKAGENonOperated Working Interest For SaleComb. Recent Net Prod: 66 BOEDComb Proved Reserves: 503 MBOECONTACT AGENT - POST BID STATUSPP 12209

CANADA RECEIVERSHIP SALEProducing & Non-Producing Properties.CENTRAL & SOUTHERN ALBERTAOil & Natural Gas Properties Producing-- PPFrom Big Valley/Banff, Bow Island ---Ellerslie And Other Formations.OPERATED WI FOR SALE 225Recent Sept 2016 Production: 225 BOED BOEDEst Net PV10 Value: $11,700,000Total Proved Reserves: 827 MBOEORIGINALLY Q4 2016 SALECONTACT AGENT FOR UPDATEPP 11261CO

CANADA STRATEGIC ALTERNATIVES9-Facilities.MULTIPLE AREAS ACROSS ALBERTA COMontney & Deep Basin Facilities10th Facility To Be Commissioned End 2016.Assets Have Long Expected Lives. OFSOWNERSHIP & OPERATIONS12-Mn Operating Revenue: ~$646,916/MnCONTACT AGENT FOR MORE INFOCO 13151SV

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Volume 26, No. 05 13 a&dRife looking to divest Wilson Creek, Buck Lake assets

Rife Resources Ltd. is selling non-core properties at the Wilson Creek and Buck Lake areas of southern Alberta where current annual operating cash flow is $565,000. Production net to Rife has recently averaged 102 boe/d, comprised of 57 bbl/d of NGLs and 270 Mcf/d.

At Wilson Creek, Rife holds various non-operated working interests in three sections of land on which it has five wells producing 62 boe/d (50% NGLs) net. In the Buck Lake area, Rife holds various working interests in five sections of land on which

six wells are producing 40 boe/d net (65% oil and NGLs).

As of YE16, Trimble Engineering Associates estimates that the properties held 2P reserves of 464,000 bbl of oil and NGLs and 2.2 Bcf of natural gas, with an estimated net PV-10 of $7.0 million. Sayer Energy Advisors is assisting Rife with the sales process. See PLS Listing No. PP 13046.

What's on the Market ■ Activist investor Seymour Schulich

holds 40 million shares of Birchcliff Energy after acquiring an additional 2.5

million shares on March 27, 500,000

shares on April 3, and 2.0 million shares on April 6, increasing his stake in the company to 15%. The move comes after Schulich bought another 26 million shares of Pengrowth Energy in late February, increasing his ownership to 80 million shares. The former mining executive led the fight last year against Suncor’s initial takeover offer Canadian Oil Sands that eventually went through for $6.6 billion.

■ Ceiba Energy Services announced the resignation of Director Richard Lane effective March 22. He was Ceiba’s CEO from September 2016 to March 13. Lane had been a director of the company since July 2013 and also served as VP of CCS Midstream Services Canada at CCS Corp.

■ Divergent Energy Services Corp. appointed Cameron Barton to its board of directors as a member of the audit committee. His 35-year career spans oil and gas services and E&P; energy marketing and trading; gas distribution; electricity generation, transmission and distribution; international finance and professional services.

■ Enbridge is cutting about 1,000 jobs following the close of its acquisition of Spectra Energy. The combined company had a 17,000 workforce prior to the announced layoffs. The move was made to address the “overlap in the combined company’s organizational structure.” The $59 billion deal created North America’s largest energy infrastructure company, which has $27 billion of secured growth projects and $48 billion of projects under development.

■ Saturn Oil + Gas named John Jeffrey and Scott Newman to the board. Jeffrey was appointed CEO of Saturn in November and was the co-founder and CFO for Axiom Exploration Ltd. Newman is a director of Vela Resources Corp., a helium exploration and development company based in Saskatchewan. He has been COO for Saturn since November 2016.

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Rife believes Buck Lake property a candidate for a future waterflood scheme.

The company revised its 2017 guidance in light of the deal, with production of 47,000-49,000 boe/d now expected, a downward revision of 3,100 boe/d.

Funds flow from operations is now expected at $170 million versus $195 million in the original plan. Pengrowth will use a portion of the proceeds to prepay the remaining outstanding $134 million of the 6.35% senior term notes that are scheduled to mature on July 26. Following this prepayment, Pengrowth will have no outstanding debt maturities in 2017 and its net debt as of May 31 will fall to $970 million.

Bernadet no, Groundbirch yes—Indications that Bernadet was on the chopping block were given in Pengrowth’s

4Q16 conference call, when Evans said that “if somebody came to us and said, we would like to buy this, we would certainly consider that.” The divested Bernadet assets encompass 36.6 sections and 100%

WI with no production, cash flow, or resources assigned to it in Pengrowth’s YE16 reserve report. They are contiguous with Pengrowth’s producing Groundbirch acreage, to which Evans said the company

remains committed. “We continue to be active in the Montney through our Groundbirch assets, which are currently

producing and which have demonstrated excellent potential to provide long-term growth in production and reserves for Pengrowth,” he said.

In a Feb. 28 update, Pengrowth said it was planning to conduct 3D seismic and initiate drilling at Bernadet next year. Pengrowth acquired the Bernadet assets in November 2014 for $123.6 million in a Crown land sale. It estimates the combined Groundbirch/Bernadet acreage holds ~$4.7 billion of future development potential.

Pengrowth’s Groundbirch property is located 40 km southwest of Fort St. John, British Columbia, and covers 13,855 gross (12,536 net) acres. The company has average 90% WI in these lands and as of late February had 17 producing wells with output of 11.4 MMcf/d.

Pengrowth sheds Montney assets in 2 deals Continued From Pg 1

No development work at Swan Hills last year due to low prices.

Two major operating areas at Swan Hills: Judy Creek & Carson Creek.

100% WI Bernadet property located ~125 km north of Groundbirch.

Nine horizontal drilling locations identified on Buck Lake properties.

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CanadianaCquirer 14 April 6, 2017

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Birchcliff shifts from Charlie Lake oil to Montney/Doig gas Birchcliff Energy is seeking buyers for its oil and gas properties and related

assets on the Charlie Lake Oil Resource Play in the Peace River Arch area of Alberta. The company is allocating no significant capital to these assets, instead focusing on the continued growth of its Montney/Doig natural gas play in the Pouce Coupe area. “We

believe that a successful sale will allow us to become even more geographically focused, reduce our cost structure even further

and become even more competitive in our industry, while improving our balance sheet,” CEO Jeff Tonken said.

Birchcliff holds an average 86% WI on the marketed assets, located in the Worsley and Progress areas, encompassing 383,368.9 gross acres (329,866.6 net) and holding 2P reserves of 47.8 MMboe. Average 2017 production is 3,800 boe/d—56% light oil

and NGLs and 44% natural gas. Most of Birchcliff’s Charlie Lake

assets are located at Worsley, where it holds essentially 100% WI with operatorship and control of wells, pipelines and facilities. The company has drilled more than 100 wells at Worsley since it acquired the assets in 2007, while 2P reserves have increased over 150% to 15.1 MMboe since that time.

The company’s Pouce Coupe assets will receive $129.2 million of its $355 million capex, while $81.2 million will go to its new Gordondale assets acquired last July from Encana in a $625 million deal. The company is targeting 2017 average production of 70,000-74,000 boe/d (vs. a record 49,236 boe/d in 2016) and plans to drill a total of 46 Montney wells this year (12 oil, 34 gas) and tie in 10 wells drilled in 2016.

Birchcliff is also selling its properties in the Valhalla and Progress areas in western Alberta. Birchcliff holds 100% WI in 20.75 contiguous sections of land at Valhalla, and it holds a high working interest in a significant land position at

Progress, including 23.1 net sections of land where it holds Montney rights. The company currently produces ~265

boe/d from its 33.6 net WI wells at Progress. At Valhalla, Birchcliff has drilled one vertical exploration well, which encountered multiple natural gas shows in the Montney, Basal Doig and Upper Charlie Lake formations. Birchcliff has identified the potential to drill over 40 horizontal Montney wells and over 20 horizontal Basal Doig wells on its land to develop the Montney/Doig resource, which it estimates to be ~2.4 Tcf of in place. See PLS Listing No. 13032DV.

What's on the Market

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MULTIPLE AREASCANADA NONCORE ASSET SALE~12 Oil & Natural Gas Properties.ALBERTA & BRITISH COLUMBIA PPAden/Lait, Manyberries, Brant, Majorville--Cessford, Crossfield, Carstairs, Warburg---Caroline & Boundary Lake Areas.ROYALTY, UNIT & NonOp WI FOR SALE >180Comb. Net Production: 186 BOED BOEDTotal Proved Reserves: 442 MBOECONTACT AGENT FOR STATUSPP 11171RR

CANADA NON-CORE PROPERTYNon-Core Properties & Pipeline.ALBERTA & SASKATCHEWANProducing & Non-Producing Properties. PP100% WI IN PIPELINE ALSO FOR SALEOPERATED & NonOperated WI FOR SALE 152PDP Reserves: 320 MBOE BOEDTotal Proved Reserves: 543 MBOEORIGINALLY Q3 2016 SALECALL AGENT FOR STATUS UPDATEPP 11201G

WESTERN CANADA ASSETS73,326-Net Acres.ALBERTA & SASKATCHEWANProducing From Mannville Group PPMajority Of Acreage Undeveloped.306 Drilling Locations Identified.400 Recompletion & Ractivation Locations93% OPERATED WORKING INTEREST ~2,000Current Production: 2,063 BOED BOEDEst 2017 Cash Flow: $1,450,000/MonthTotal Proved Reserves: 5,101 MBOECONTACT AGENT FOR UPDATEPP 13187DV

WESTERN CANADA PROPERTIES~60-Net Wells. ~153-Sections.ALBERTA & BRITISH COLUMBIA PPSpirit River, Charlie Lake, Wabamun,Montney, Halfway, Gething, Paddy &Dunvegan Potential ~800Varying Working Interests & Royalty Interest BOEDCurrent Net Production: 814 BOED100% Owned & Operated InfrastructureCONTACT AGENT FOR UPDATEPP 13304DV

WESTERN CANADA SALE PACKAGE2-Key Areas.ALBERTA & BRITISH COLUMBIA PPINGA & MEEKWAP AREAS.Inga Property Currently Producing.Meekwap Property Is Restoration Project.90-100% OPERATED WI AVAILABLE OPERATEDCurrent Production: 9 BOPDNet Operating Income: $4,083/MonthORIGINALLY Q4 2016 SALECONTACT AGENT FOR UPDATEPP 13133

Birchcliff has identified over 200 horizontal drilling locations at Worsley.

Plans to drill 32 Montney/Doig hz natural gas wells in 2017.

Montney/Doig producing regions: Pouce Coupe, Gordondale, Elmworth.

Birchcliff maintains 2017 production guidance of 70,000-74,000 boe/d.

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Volume 26, No. 05 15 a&dMorgan Stanley: Cenovus deal ‘makes sense’

Cenovus’ $18 billion acquisition of Conoco’s oil sands and Deep Basin assets (PG. 1) was the Canadian producer’s biggest deal since it was separated from Encana Corp. in 2009. The deal makes strategic sense for several reasons, noted one analyst, mainly that it gives Cenovus full control of the FCCL oil sands project and helps it

achieve its long-term outlook. “Acquiring producing assets that are familiar and top-tier is a

much more welcome scenario for the market rather than accelerating spend to develop new projects and have to wait several years before seeing cash flow,” Morgan Stanley analyst Benny Wong said in note cited by Bloomberg. —Morgan Stanley

Cenovus Energy (CVE; US$11.21-March 31)Post-deal, Cenovus will become Canada’s largest thermal producer at 356,000

bbl/d capacity with Foster Creek Phase G and Narrows Lake Phase A slated to add 50,000 bbl/d and 45,000 bbl/d of additional near-term respective productive capacity. In addition, CVE is recharging COP’s Deep

Basin assets with three rigs planned this year and 10 in 2018 with expected growth of 40% to 170,000 boe/d through 2019. —Tudor, Pickering Holt & Co.

ConocoPhillips (COP; US$45.95-March 29; Overweight; PT-US$62.00)Through the sale of its non-operated 50% WI in the FCCL JV and most of its

remaining Western Canada Deep Basin assets to Cenovus Energy, Conoco has “in a single step…removed any residual concerns about its balance sheet or its ability to execute its buyback program.

As such, we think the event could be an important catalyst for shares...We think the terms of the transaction imply that COP clearly recognized favorable value for the assets.” —Barclays

Pengrowth Energy (PGF; $1.45-March 23; Underweight; PT-$2.00)Pengrowth announced the sale of its Bernadet asset for proceeds of $92 million.

The NE British Columbia property includes 36.6 sections (100% WI) prospective for the Montney, with no associated production/reserves. The deal implies transaction metrics of $3,900/acre; this compares to recent transactions in the $5,000/acre range, mindful that the comparable transactions include

partially developed lands with reserves/production. Note that Pengrowth acquired Bernadet in early-2015 for $132 million, representing a $40 million loss. —Barclays

Penn West Petroleum (PWT; $2.19-March 15; Equal Weight; PT-$3.00)Keeping some non-core assets. With respect to its ongoing disposition

program, Penn West has decided to retain certain Alberta lands, which may have potential in deeper Mannville horizons. These lands had been previously deemed non-core; anticipated proceeds from the disposition program are essentially unchanged at $75 million. —Barclays

Torys: Starting to see ‘a lot of discussion of potential deals’ Even though the Canadian oil patch has already seen two big upstream deals

this year, the pace and frequency of deals is still slower than many expected. Many companies are still in a “wait-and-see mode” concerning the trajectory of oil prices, focusing on their core areas.

“It’s clear on the street here in Calgary that companies are focusing on being better in their core areas and focusing their capital on that core,” Torys LLP partner Chris Christopher told The Edmonton Journal. “It takes time to make these deals, I think you’re starting to see – at least we are – a lot of discussion of potential deals,” he added. —Torys LLP

What the Analysts are Saying About A&D ■ Tamarack Valley Energy

appointed Ian Currie to its board of directors. He is currently CEO of Spur Petroleum Ltd., a private oil and gas

E&P company. Currie previously served as

president and CEO of Spur Resources Ltd., from 2006 until its acquisition by Tamarack in January 2017. That $407.5 million deal added a sizeable Viking component to Tamarack’s Cardium-focused portfolio.

■ TransCanada Corp.’s COO Alex Pourbaix is retiring, telling The Financial Post that “it was time to try

some new opportunities.” The announcement was a surprise, as he was regarded as the

likely successor to CEO Russ Girling after leading the company through the arduous process of securing US approval for the Keystone XL, which US President Donald Trump finally green-lighted last month. “I have had a great career at TRP and with KXL receiving its presidential permit it seemed like a good time to enter a new stage in my career,” Pourbaix told the paper.

■ Trident Exploration appointed three new executives. Mark Smith becomes COO, after previously holding executive roles with Burlington Resources Canada and Arcan Resources Ltd, among other companies. Jean-Pierre Buyze was named CFO, and most recently was Managing Director of UBS Securities Canada in Calgary and holds extensive experience in M&A. Trident’s new VP, Land is Ken Young, who most recently held management roles at Enerplus Corp.

■ TSX-listed Zenith Energy Ltd. appointed Saadallah Al-Fathi as non-executive director of the company. He previously served as head of OPEC’s Energy Studies Department and as advisor to several governments and businesses regarding oil policy. Calgary-based Zenith has operations in Italy and Azerbaijan.

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